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of just 2.5% in the u.s., 1.5% in canada and zero growth in the uk. locally, cutbacks in government spending weighed on the numbers and lower commodity prices also impacted on cash flow and the government is facing more criticism about its effort to keep the budget in surplus while the economy grows. >> the government has had the objective of making sure that we would bring our budget back to surplus when growth has been around trend. what we've been seeking to do through good budget policy has been to provide maximum flexibility to the reserve bank to a just rate so. the government will always put in place appropriate budget settings which will support growth and jobs. >> still, analysts say growth could slow further as the mining investment boom peaks. yesterday, the bank of australia cut interest rates to a record low of 3% and traders are looking further easing next year to offset the falling talks of trade, the high australian daughter and further cutbacks in government spending. >> despite that prognosis for rates and the fact that we're now matching the record lows here, the
, government bonds, where do you want to be. and equity in my mind mind is absolutely not. you need good growth numbers to justify the equity markets going up. now, i think there's a lot of investors looking at the yields on ghoechlt bonds or credits and that's motivating them to move into equity. i think the numbers are actually going to be relatively small. and i would certainly advocate against doing that because as you were saying, weak numbers, unless you see some much stronger growth, it's hard to justify current valuations. >> both of you stick around because we'll talk about china in just a second. today we'll be out in tokyo, as well, to assess what options the bank of japan really has. policy will not be dictated by market opinion. we'll take stock of britain's progress towards deficit reduction, this ahead of the chancellor's autumn statement. senior fellow for international economics. will the numbers live up to the expectations. meanwhile, over in ghi narks the mainland's factories are crank out more goods at the fastest pace in month. >> chinese factories appear to be recovering.
speech to turn up the heat on eurozone governments telling leaders into the to rely on the ecb to stabilize the currency bloc. germany's finance minister warns a greek default could spell the end of the euro as the country's lawmakers prepare to vote on new funds for athens. and japan posts surprisingly strong industrial output this october and the government announces a $10.8 billion stimulus package. tokyo stocks end the week at a seven month high. plus president obama will take his case for tax hikes on the wealthy to the american people today as the war of words between democrats and republicans over the fiscal cliff heats up. >>> the trading session sitting roughly flat on the stoxx 600. decliners and advancers about even this morning. markets are trying to digest these comments from draghi. first, let's take a look at the bourses. s it is the last trading day of the month. just one left to go in this extraordinary 2012. ibex 35 appropriately enough is ending in the red today. other indexes showing a little bit of a rise here. we've seen spanish and italian debt come in sh
's middle class. so i think it all is positive sentiments. the government is pumping more money, drive the infrastructure development. and i think that in the medium term over say the next couple months, the losses should be much better. >> all right. andrew, thank you. stick around. we'll come back to you you and talk more about the luxury sector. nick has views, as well, on the chinese stock market. speaking to cnbc a day after delivering his autumn statement in parliament, he said the budget plan would continue to attract investment to the british dealt markets. >> we have to get a control on spending. that's why i'm operating benefits by less than the rates of inflation. it's forecast to continue to fall, so we are making progress. britain started with a large deficit, but we're getting it down. >> you've drawn criticism about the lack of supporting growth. when will we see measures that booth the long term growth of the economy. >> i think you see two sorts of measures. big structural reforms to education and welfare, but also yesterday changes to our tax regime. so we now have on
work on government systems. the way research is done. if they accelerated that process -- liz: doctor collins, here is the question then, often the problem is so huge that government has to come in. it is government money of the scale. with government money often comes red tape and perhaps bureaucracy. how have you managed to chop through that and continue to keep things sound? >> we are proud to get red tape out of the way in to keep the bureaucracy to a fair minimum. we are the largest supporter in the world. when you hear about a breakthrough in some medical research project in stamford or chicago or washington university in st. louis, it is extremely likely that we funded that. we funded that with your dollars. in many instances it does not have a direct connection to a product. the economic benefits of this are enormous. liz: and searching cases that regulation would help to make sure things do not get fast tracked so quickly to make sure people do not die from side effects. at the same token, they can keep medications off the shelf and people die because it is not out there fast
bigger government. republicans said no. harry reid has had a hissy fit for four years now, i'm happy the republicans would not raise taxes to pay for is bigger government. the problem is the american people don't want their taxes raised. lou: what i asked was how you feel? >> i am pleased as punch. harry reid, at having a hissy fit at me, he's really mad at the american people for not wanting to raise taxes. he personalizes it with me. lou: what about those folks like senator john mccain, senator lindsay gramm, senator chambliss the list goes on. i mean -- >> it doesn't go on. it does not go on. here's the good news. all the people who last week and said we might raise taxes under certain circumstances with the same people who said that two years ago. and every news media outlet in the country has said the last week, would you like to be famous? would you like to be called important and influential? come to our tv station and announced you areefor tax increases and we will tell everyone you are important and influential. they have had no takers, for crying out loud. all of the guys f
-called haircut can be revisited. in the past, merkel's government had ruled out forgiving any debt. >> in corporate new, ubs is reportedly close to a settlement. the "new york times" says the swiss bank is expected to pay horn $450 million over claims that some of its employees submitted false libor rates. that's pretty huge story and we will take a look and ten to see what happens with this. also morgan stanley trader is under investigation by cme regulators over trades and treasury futures four years ago. at the time he was employed by goldman sachs. he's now head of global interest rates products at morgan stanley. the probe is aimed at establishing whether hadden's late trades hat manipulate closing prices and made other trades more profitable. also singapore airline says that it is in talks with interested parties to sell its 49% stake in virgin atlantic. delta is reportedly among the potential suit ors. delta is said to want to gain access on injury gain's landing rights at london heathrow. >> biggest international hub h around. i think an dwderson is really g. it's profita
the government. >> silvia, thanks for your thoughts on all of that. if more year joined by julian. welcome. you're out with a view on your next year that doesn't sound too rosy. you talk about the economy contracting half a percent. challenges in the core countries. so walk us through how important the german vote is tomorrow and whether greece gets its aid as to the more broad brooutlook. >> the outlook is not improving. it's deteriorating for the eurozone. economic fundamentals are getting worse particularly in the countries of germany and france. these are the countries we revise down the most. in the periphery, there are signs that the recession is stabilizing. we're below the consensus. typical view is that the economy will broadly stagnate next year, we think it will continue to shrink and the ecb will continue to cap interest rates and perhaps at shall point the bond buying program will be in spain. >> and so when we talk about the sequence of events that markets are looking for the next couple of months, the main one still seems to be when spain asks for aid. pushed into the first quart
, and like to. the government takes, and attorneys say what to do to avoid it. first, christmas music from mark stein, i don't know why my picture is up there. that's mark stein and he's singing, not me. ♪ male announcer ] at scottrade, you won't just find us online you'll also find us in person, with dedicated support teams at over 500 brancs nationwide. so when you call or visit, you can ask for a name you know. because personal service startwith a real person. [ rodger ] at scottrade, seven dollar trades are just the start. our support teams are nearby, ready to help. it's no wonder so many investors are saying... [ all ] i'm with scottrade. >> detroit, we're told, is on the verge of bankruptcy, but one member of the city council thinks the president should step in and lend a hand, otherwise known as a bailout. yeah, let's call it what it is, a bailout, a call for a bailout from the obama team. city council member joan watson said yesterday, we voted for you and now give us a quid pro quo, why not? roll the tape. >> and our team in an overwhelmingly supported the reelection of this p
this issue. i would say that he should know more about economics. after certain points, the government raises less money by increasing the tax rate. if the tax rate were 100%, liz, how much money would the government raise? 100% of zero because nobody would go to work if the government confiscated everything. at some point, if the taxes increases and it turns out most analysis, most economists agree that that rate is about 30%. up to 30%, the government raises or money by having a tax of 30%. liz: you are a very large shareholder, if not the very largest, you are saving about $690,000 on your tax bill as well. that gives people a sense of how much money could possibly be saved. in 2015, will you start paying dividends again? >> i cannot decide. it is not just up to me. we will take a look at that and see what the story is. our goal is to reward shareholders. there are other ways to do that by buying shares back, increasing earnings per share, decreasing numbers of shares. we always will take care of our customers, that is what we do and that is why we are% successful. liz: thank you for comin
except trying to rein in government. >> the truth of the matter, what's a starting to happen is that international investors, the fact that we cannot govern is going to really come home to roost. >> gld man says this is the first time he's seen people take it out of american markets. >> it's he supposed to work this w way. they can't govern either. >> i was so hopeful, i wasn't obviously thrilled with the election results, but i actually thought that result might be the result we needed to get thefshs done. >> in a way you you have the situation where -- >> you extend 98 but not the 2? believing that story is so -- >> either raise them on everyone or raise them on -- either it will hurt the economy if you raise taxes or it's not. on 98 it won't hurt, on 2 it will -- >> we'll have more on this argument. in the meantime, let's talk about some of the other headlines. financial firms are gathering for the goldman sachs financial services contractors. a key presenter is brian money tha moynihan. we talked about his reports of planned fee increases. plus there was the issue of pres
government that comes into power to more or less stick to the plan morsi set out. on the other hand, there's always spain, the worries that with 25% unemployment, that you would see the default rate particularly on residential mortgages shoot up, it's 3% now, which is pretty amazing given the struggles within the economy, but we think it will go up somewhat, but really not any more than people have already priced in. >> and then ten year yields, 5.24%. at the moment, relatively speaking, pretty comfortable. >> maybe a little bit too comfortable and we certainly don't want to get complace complacent.yields are where they were say in march of this year and then subsequently they shot up to 7.5%. we know with the draghi put that that won't happen, but we don't want to think that there is only one way -- >> yesterday said, look, sort of the idea of the risk on phrase, certainly for -- he was looking at it from credit markets, but would stay on until the middle >> i think lite bit more selective. it won't be just everything goes up now. we have to start thinking about companies and sectors agai
: we have been talking about the next great government bailout. saving the federal housing administration. connell: heading up amazon for a billion dollars in back taxes. connell: stocks now every 15 minutes. we are watching apple today. nicole: it was down over 20% from highs of september. take a look. it is in the green. everybody has been focusing on powerful so much lately. obviously, so when he issues. ipods losing market share. iphones just not doing that well in china. there it is. back in the green. let's take a look at the major market averages. the dow jones industrial average is up. the nasdaq is also in the green, as well as, the s&p 500. daaen: thank you. connell: dan had injured reporting that he will be leaving his post next month. >> the opportunity presented itself. this was the moment to either take this job or not. i think he felt with the senate transitioning into a new year this was the moment to make the move. he took it. connell: it would have been a six year term. this is early. >> it is a reflection of the frustration. i think it probably would have
on everybody. that means more revenue going into the government. he wants the defense cuts. he proposed even more spending. 2 billion more in spending. connell: even from congress today, there have been republicans hear similar things. it does leave them and whatever that is, it does leave them in a tough spot. now, boehner could come back and say i will not give you $1.6 billion in tax hikes. otherwise, the republicans to take a share of the blame. you know, if we do go over that cliff. >> $400 billion out of medicare. that is the extent to which he is willing to cut. first of all, you have to do reform, connell. you cannot just put a band-aid here caught a little markets on the here. you need a serious overhaul. connell: for what it's worth, my take, he would not want to do it because he would not want to be remembered that push the country back into recession. >> it is not leaving a strong economy, it is transforming the economy into a your -- european socialist. connell: thank you, monica. >> thank you. connell: we do have real numbers on the economy to talk about. today, we learned cons
note this morning way to raise government revenues in terms of negotiating power. long-term growth with high income taxes and on the downside the least harmful consumption tax and property taxes. is anybody listening to this? >> we just put this out. we like to get congress focus on doing the least amount of harm while they raise revenues of some sort. you can do through asset sales, develop kind of things thee3 government owns and does not own. a lot of things in terms of oil leases and about a trillion dollars worth of mineral rights the government can sell off rather than raising taxes. they can equate government workers to pay more towards the health insurance and pensions, that would be a good thing and raise revenues. there are lots of ways to raise revenues without doing harm to the economy. lori: i have got to interrupt you here, why is the president so insistent upon raising tax rates for the wealthy? if you are point we don't necessarily have to do that to get meaningful revenues. melissa: it seems like religious or political on is part. this is a matter of an article of
-term contracts. the government is in support of energy independence in this country, so we don't think the taxes change for mlps and energy infrastructure investments. finally, if you like high-yield corporate bonds, we love high-yield municipal bonds where we're getting 6% federally tax free. corporate high yield has rallied too much. we've sold it. >> rick santelli, should we be focusing on something else? this constant focus on the fiscal cliff, obviously, it's been dictating sentiment. it's been dictating markets. are there other areas that investors should be looking at? >> well, i had a guest this morning, dr. saunders, who's testified on issues regarding housing, fha, in front of congress. he knows what he's talking about. he brought up what many of us are looking at. a lot of -- you know, real estate, residential construction was one of the positives in today's gdp report. we've seen a lot of positives in housing. but there's been a lot of legal ranging over a big group of foreclosures that looks like it's cleaned itself up. 2013 could see a lot of these dumped in the marketplace. i thin
to dangerous levels that might have required a government bailout. a lot of people weren't marking things where needed to go. >> i have a lot of questions about this story. it's an amazing allegation. $12 billion in paper losses. >> a lawyer from one of the whistle blowers will join us at 6:50. in a statement to cnbc, the bank says that allegations have already been investigated and all accounting was proper. >> my biggest questions are the allegations say the bank was doing it 2007 to 2010 and nobody came forward until late 2011 to make any complaints. i just wonder if you had been complaining the whole time along -- >> we just had this discussion about how far away do you need to be to where it's a false mark. at least 10% wiggle room. there were no buyers. if there is buyers, does that make it zero. >> basel 2 created a system that if things became less liquid, there is no change in the actual value of of the underlying asset. just couldn't sell it. so it's a bit like saying my house is a lesser asset because i can't accept it right now even though i don't want to sell it right now. >> who m
is holding up extremely well and what everyone has priced in is the government is going to be keeping more of our money and giving benefits but what also factored in is the fact that real-estate has turned a corner and that is a much bigger driver of next year's growth and there might be some uncertainty everyone believes even if we go over the cliff they will get to resolution a couple weeks after that and the market might need to go 500 points to get them to do something they will still do something. dave: a very interesting point. the market has priced this volatility inside. i am wondering how far the pricing goes. for example because the demands from the white house were so extreme there were no spending cuts at all except that promises about the future of medicare and double the cost of tax increases. if they don't reach a conclusion ben bernanke says we are a recession, has that been included in the price of the market? >> i don't see how it can be. with the vix close today was 15 and the proposal is ridiculous. the last 70 years, a percentage of gdp, spending is about 20 and 50% of
shows the government is missing the mark on who is paying their fair share. elizabeth macdonald has been investigating this one. >> you were talking about this earlier. take a look at this. only one week, 1.5 weeks of government spending. that is a hike in the offer to bracket, not just the top bracket. but, as for fair share, take a look at what the top 1% pace. they pay yearly 40% of all federal personal income tax. they make about a fifth of adjusted gross income. top 5% pay nearly 60% of federal personal income tax revenues. they make about a third of all income. you will see 71% is their fair share. they are responsible for about 45% of all income. the bottom 50%, their affective share is now running around 2.4%. we get it. we get that that includes senior citizens and ella terry. lori: that is a good idea. >> they are actually paying less about pie. what will you do, if you raise government spending 4% every year, can you really raise taxes 4% every year? no. lori: if we don't have meaningful spending cuts, there is no budget deal. >> went well tax increases be called austerity. lo
, it is yours. connell: the war on wealth is where we begin today. dagen: get the government out of the markets. connell: the devil wears -- becoming our next ambassador to britain. dagen: holiday travelers paying up. the average ticket price topping $450. connell: everyone needs a few days off. it is the top of the hour. we will go to nicole petallides. good morning. nicole: good morning. let's take a look at what is going on here. let's take a look at jardin restaurants. it turns out they are not meeting the analyst expectations. let's take a look at the stock. it is near its lows of he day. their earnings will miss the analyst estimates. same-store sales dropping 3.2%. as a result, sales have diminished. how about the major market averages? the dow is higher, but the s&p and the nasdaq are lower. dagen: republicans finally pulling off their own plan to deal with the fiscal cliff. connell: the white house predictably saying, no deal. the parameters are there now. we can start to imagine what a deal may look like. >> i think that is right. they have been adamant in saying we want more revenue
for the economy. we can make the government use the taxpayers' money more efficiently, lock in some spending savings and do some long-term entitlement reforms to make sure americans feel like they can retire with dignity. >> i want to make sure we're talking about apples and apples here, which is so hard in this discussion. the $800 billion which the republicans put forward, which would be a cap on deductions, how does that compare with how far the information is prepared to go when it comes to raising revenue from capping deductions? >> we don't actually know what the republicans think they can do in that context yet, because they haven't told us how they would propose to raise the $800 billion. we don't know whose taxes would go up. we don't know the mixes of rates and limitations they would support. we think there's a good case as part of an agreement alongside a tax increase on the wealthiest 2% of americans. we think with that mix of rates and deductions, we can reach agreement on something that's very good for the country. >> do you have a number? is there a number that the administrat
down the dollar is a lack of confidence in the united states government. that's plain and simple right now. are we going to lose our safehaven status? i doubt it right now. but in the short term, people are worried that this thing is not going to get figured out, and taking their money elsewhere. > what are some of the best sectors and the worst sectors you see? > > i look at it two ways. right now, i would look at financials and materials over energy and utilities, simply because the tailwind in the housing recovery that we are going to continue to see in 2013 will directly benefit both financials and materials. we have already seen a big run-up in energy and utilities. they have probably seen the better part of earnings over the last couple of years. > were you impressed by toll bros. earnings yesterday? > > i really was. i think it's just more that's going to continue. i think we as a nation, we as investors, underestimate the tailwind that the housing recovery is going to supply, and toll brothers is the prime example. > larry, thanks for coming on the show. have a good day. the la
to be the urbanization story. i mean the expectation that the chinese government has is really azing. they expect $300 million people are going to move from rural areas to urban areas within china over the next 20 years. if that happens the way the government expects it's going tow happen, that's going to be a huge demand story for consumption in china and it doesn't matter if you're an american company or chinese company or japanese company or anyone else, that demand story is going to be huge. >> susie: so there's new leadership in china. you think that, that's going to be the continuing theme? what response to you expect from the new leader? >> well, there's a big question, and the question is how seriously andow successful this leadership can be in tackling this issue of economic reform. i mean the financial crisis made it clear. the chinese economy is unsustainable. it's too dependent on global growth and not dependent enough on the consummittion story we're talking about. if they can shift the focus in china, that will be a great long-term story. >> susie: nicholas consonery asia analyst at the
of their own government. united states and nato agreeing to deploy patriot weapons and to thwart an aso-called by assad. the missile systems to be positioned near the syria. his staff denies that and estimates if they were deploy troops, it requires 75,000 of the troops in a full ground invasion in order to seize the chemical weapon stockpile. fox news confirming they were not ordered to draft the consideration of such a mission. secretary of state clinton is nonetheless talking very tough calling for assad to step down as the obama administration has done for the past 15 months, but refusing, still, to detail which consequences those would be. >> we will explore with like-minded countries what more we can do to bring the conflict to an end, but that will require the assad regime making the decision to participate in a political transition, ending the violence against its own people, and we hope that they do so because we believe, as you know, that their fall is inevitable, but it's a question of how many people will die until that day occurs. lou: the violence, and morsi protesters in
inventory investment and federal government spending so got to take that in mind and a decline in imports didn't help that number. liz: a crazy day in the pits of the cme. we have tim mulholland standing by, tom is a 1-act telling why it is time to shift away from -- release save names and diving in, and the dour is headed higher. he calls a day of 14,000, we will tell when he expects it to hit but let's start with him at the cme. you have john boehner, speaker of the house coming out at 11:00 eastern saying no substantive changes or developments after meeting with the treasury secretary and many had harry reid saying it is going to be done by the end of the year-end market, with a place and some gains pretty decent. >> it is to be expected, they still have time and there's always the eleventh hour but at the end of the day rather than trading on those headlines at the end of the day it is pretty clear the election results which serve as a referendum from the august 11th fiasco that we had, the public wants the reasonable solution which means president obama has to move to the middle and
kind of impact will government spending on things like medicare, social security, i mean, do you think it has gotten out of control? >> it is scheduled to go up by several percentage of gdp over the next couple decades. that had to be turned around. i think that everyone recognizes that is were spending control has to be focused on if we are to avoid much higher tax rates or an explosive national that. i think it is clear that the republicans are saying we will only go along with higher tax revenue, not higher tax rate, but revenue, if the administration will come forward with some plans to slow the growth of spending. lori: all of this going on against the backdrop where we have had low inflation. the fed has promised these low record rates all the way through 2013. what happens if we do get a situation where the fiscal cliff does involve higher taxes? you have higher taxes, a slowing economy and baby inflation. what do you think, will it start to kick in click select this is a recipe for disaster >> the accumulation of excess reserves in the commercial banks that right now are just p
cain and we should agree to torture and torture these government officials. they locked themselves back in a room in the summer of 2011 and did nothing. we report as if this fiscal cliff were a bruce willis movie, an ast troid coming from outer space unexpectedly. this fiscal cliff was deliberately put in place. >> by these guys. >> by these people. >> on their watch. >> you hear harry reid go up there. the senate has been incapable of passing a budget for several years. >> four years. >> i'm not talking about the senate passing a budget and the house agreeing and the president sign. just that one chamber. >> you don't sound like you're hopeful they're going to get a deal done any time soon. >> i think the market is being complacent. i think there likely will be a deal before the super bowl in february. i'd say most likely. but those talks will break down before there's a deal. i'm not sure this market is prepared for a breakdown. >> christian, what about that? clearly, the market is not prepared for it because the market is hanging on every word from each side. what do you want to do i
sector. i think we are starting to see a slowdown in the job loss from the government sector. so, i think we're going to be seeing a better than half speed recovery. so, you do want to be taking a balanced approach. we do favor the consumer discretionary at this point offsetting with health care. >> gentlemen, thank you. more breaking news coming away right now. thanks for your thoughts. appreciate it. >> we have the letter. let's get to eamon javers. >> this is the letter speaker boehner sent to the president of the united states. the language he's choosing is important to understand, as he draes the president. the speaker saying, after a status quo election in which both you and the republican majority in the house were re-elected, the american people rightly expect both parties to come together on a fair middle ground and address the nation's most pressing challenges. the speaker characterizing this as a status quo election. that's not the way the white house sees it. the white house sees it as an election they won and they picked up seats in the congress. the speaker here reminding th
to reduce government spending. >> i don't want to belabor the point on people going home but i assume an awful lot of members who have gone home are hearing from their constituents, go back and go to work and solve the problem here, rise above the partisan rancor. >> yes. >> the congress was on a holiday for thanksgiving not that long ago. let's talk though about three areas of real critical importance in this discussion. one is what would you do with respect to reducing the growth of spending in medicare? what specific steps are you willing to put on the table? >> well, let me give you something that -- it's very sensitive. but end of life is where 70% of the medicare dollars go, and yet we have a society where most people will not do a living will. i did a living will with my 90-year-old dad. it was very difficult. he died shortly after. but he told me, hey, do not keep me on life support, it costs a lot of money, plus i don't want it. if do you it, i'll come back and haunt you. but it was a good process. i see as a member of congress so many people who are estranged from their pare
and the cuts in the government won't be as severe as a lot of people are fearing. >> sounds optimistic. and a new report showing more small businesses are putting a for sale sign on their doors. who's selling, who's buying, and why? it's the internet's largestsell, marketplace for buying and selling small businesses. ♪ [ male announcer ] this is steve. he loves risk. but whether he'slimbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with peoplee trusts, which is why he trades with a company that doesn't nick and dime him with hidden fees. so he can worry about other things, like what the market is doing and b ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. can i still ship a gift in time r christmas? yeah, sure you ca great. where's yr gift? uh... whew. [ male announcer ] break from the holiday stress. ship fedex express by december 22nd for christmas delivery. you know how painful heartburn can be. for fast, long lasting relief, use doctor recommended gaviscon®. only gaviscon® f
bans that are going to work with governments. chairman bernanke hasn't even commented on it himself, that there's an incentives to weaken their currency. they're going to own stocks to protect that. >> you believe people should buy stocks now? >> i think people should buy some stocks now in order to protect against the transition from deflation to inflation. we have been in a deflationary period now for five years and it's really been driven by the collapse in the credit systems. people are saying we have printed all this money, why vsht we got inflation? you still have central banks working even closer with governments to create that transition. >> a lot of people have reported that velocity number. do you also think that you should come into next year either shortening the long bond where it has not done well, or at the very least start taking money out of the bond funds? >> i think the bond fund story is very poorly told. if you look at the flows into monday fund, it's absolutely changed during the last year or so. but amount of the floes into bhond fund were short to intermediat
are spending 23% of our gdpp federal government is, in one fashion or another and taking in 18% and that is not going to change all that much with the outlines of this deal. the democrats are not realistic about how much has to be cut and republicans are not realistic about how much taxes need to go. connell: the democratic side of it since we're speaking with you and delve into that a little more. if you are right about certain aspects of this, if dagen mcdowell and me can come after the president said he wanted the one$.6 trillion in revenue and say you wants $1.2 trillion because john boehner had $800 billion on the table last times those with the difference we are not exactly political geniuses all the respected political but anyone could have written that story and come up with a number but how about on the spending side, how do you get more and make $400 billion as they say in the article just kind of a start here you think it needs to be a lot more than that? what is the number? >> i do ultimately think, i also think on taxes we need to have fundamental tax reform tied i
for an economic downturn. also what are they going to do? how will it help the billions now on city government workers. we will be talking to los angeles mayor antonio villaraigosa coming up. liz: the president meeting with top executives with the war of words continues with republican leaders in a resolution to the fiscal cliff. we're live at the white house with the very latest. what happened. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the mke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. david: what a strange day. some are way up, some are way down. shares of verifone systems are getting a boost. nicole with more on that. nicole: some stocks jumping, this is a day that verifone is jumping. take a look at the stock right now, a gain of 7.5
is a cost shifting from the federal government to the state, it doesn't accomplish much because states are not in a position to pick up the extra costs. >> speaking as governor of the stage we execute. we have to get things done. unfortunately congress doesn't. they can throw rocks at each other and leave it for another day and kick the can down the road. governors have to get things done today. we would hope congress will watch the governor's listen to the states. i think we can help him find compromise. liz: governor mark l. will be on neil cavuto tonight at 8:00 p.m. eastern. you cannot miss that interview. see what he has to say about today's trip to the white house. he does amazing interviews with these governors. you got to hear what he has to say. the fear of falling over the cliff real if you with a look at the chart of the fear index, you might not think so at all. it is incredibly low but market players and insiders are already making trades in advance of something aaron next guest says is about to get to the mix. let's get you in on this trade. the chief market strategist is
are buying government bonds. foundations and endowments and pension funds are buying alternatives. individuals are buying bonds. rich individuals are buying jewelry, art, and trophy real estate. nobody is buying stocks in a big way right now. >> and yet morgan stanley for 2013 has come out with a more optist ism optimistic call for the s&p. what's the optimism? >> we think that in 2014 you can get $110. we put a 13 times multiple on that. it's about a 1340 closing price. you're looking at the end of 2013 at 2014 earnings. he is still looking for 2013 to be down. so we could have the market go down a little bit and you can actually, if you wait a little bit and buy in after the market has sold off, you might have a better than a 4%, 5% total return for next year. >> you still like dividend payers. you're sticking to the dividend payers like the pfizer, like the j&j, technology. does that argument change if dividend taxes go to 44 %? >> that's why you want to sit toward the front of the classroom. stay away from the low-dividend yield stocks. >> low dividends, not high dividends. >>
moving to a different inflation adjustment for social security and other government programs. they also talk about reform of medicare to include private sector competition with a traditional fee for service medicare plan. all of those are things that are within the zone of discussion that both -- between the two of the parties. now, president obama went on twitter this afternoon, took questions from the public to try to build pressure on republicans. he got one question from an average person saying, well, will my mortgage interest deduction be threatened by these fiscal cliff talks? and the president used that as a lever to say, that's why rates have to go up, because if they don't, they're going to sister to squeeze middle class deductions. that's the president trying to put pressure on. but i think now that we have offers on paper from both sides, there at least is a prospect we'll have more serious bargaining in the days ahead. >> yes. and that is good news. thank you so much, john harwood with the latest there. more now on the fiscal cliff. one of the industries with the most at st
gratefulness, even if we think the government may be profligate with our money. enough already! i want others to do well too. so don't get the idea -- i'm not against the next guy doing better. the idea is that the small business person that everyone claims to be looking out for and the middle class people everyone pledges to, they do need a chance. but here's what the polls are missing, we are seeing rumblings if washington would stop intruding and go away and agree to a sacrifice. i know some are saying the president's taking a hard line. and i was none too happy with the press conference. if democrats don't get their way, i was preplexed by the rhetoric. as perplexed as grover norquist, the unelected head of the republican party can insist that voting for any tax increase after pledging to his organization not to vote for a tax increase is a death sentence for your political career. listen up, washington, we get a deal, any deal at this point we could have an economic boom that would make the benefits of even a bad deal done far outweigh the cost small business to the middle class, subchap
. if the fiscal cliff is avoided, the federal government is expected to spend, let's do it this way, over three and a half trillion dollars. that's a lot of money, especially since they are only collecting to one-half in revenue and taxes. that leaves us with the deficit of one. that is the deficit. sizable it is. this will be the president's fourth for which he is personally responsible, fourth deficit in excess of a trillion dollars. president obama wants to plug that trillion dollars hole by raising taxes on household incomes, as we all know that have incomes over $250,000. the top 2%. that would bring in $802 million, $82 billion. that's about 8% of that deficit. so does that suggest we have a tax problem or, perhaps, a spending problem? think about this. taxpayers making more than $250,000 representing the top 2% paid more than 46% of all texas. that would seem like a pretty fair deal to most of us, but the president says it is not fair. we don't know what that number is. how much should it be? and contrary to what the president would have you believe as he campaigns untack sites all aroun
the middle class with the bill." it's not just the federal government under pressure. credit ratings agency fitch calls the fiscal cliff the biggest concern for state credit in 2013. saying, "any meaningful federal deficit reduction is likely to lower state funding, forcing program elimination or backfilling." as the tax hikes and spending cuts approach, u.s. manufacturers saw business shrink last month. the institute of supply managemens purchasing magers index fell unexpectedly to 49.5, down from 51.7 in october. a reading below 50 means business has fallen back into contraction. the november statistic is the lowest since july 2009. the dow fell 60, the nasdaq down eight, the s&p 500 lost six. >> susie: jeff saut says investors seem to be ignoring bad news, and this is a bullish sign. he's managing director and chief investment strategist at raymond james. so jeff, not only are you bullish but you're also calling for a pretty decent santa claus rally. tell us why? >> well, i have learned over the 42 years in this business, susie, that it's pretty tough to put stocks to the downside in the
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